Independent Directors' Opposition, Earnings Management and the Risk of Stock Price Crash

The multi-subject collaborative supply system for community public cultural services is a crucial component of China's public cultural service system. With the development of the market economy and the diversification of cultural demands among community residents, a single government-led supply system is unable to meet these needs. This paper, based on collaborative governance theory, explores the multi-subject collaborative supply mechanism in community public cultural services and identifies its existing challenges. The research finds that the current multi-subject collaborative supply of community public cultural services is insufficient, primarily reflected in difficulties in safeguarding basic cultural rights, low satisfaction with service levels, fragmented supply decision-making, and a lack of standardized institutional mechanisms. The reasons for insufficient collaborative supply include inadequate supply input, low supply efficiency, imbalanced supply subject structure, and an incomplete supply mechanism. To enhance the efficiency of multi-subject collaborative supply in community public cultural services, it is necessary to continuously expand multi-channel fundraising, establish a long-term funding support mechanism, innovate and integrate cultural resources for precise high-quality supply, optimize the collaborative supply structure of multi-subjects in community public cultural services, and improve the operational mechanisms of multi-subject collaborative supply.